THE EFFECT OF PROFITABILITY, LIQUIDITY, AND SOLVENCY ON FIRM VALUE IN PHARMACEUTICAL SUB-SECTOR COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE FOR THE PERIOD 2019-2024

Lola  Kambuno; Matdio  Siahaan; Wastam Wahyu  Hidayat

doi:10.53067/ije3.v6i2.497

Authors

Lola Kambuno Universitas Bhayangkara
Matdio Siahaan Universitas Bhayangkara
Wastam Wahyu Hidayat Universitas Bhayangkara

DOI:

https://doi.org/10.53067/ije3.v6i2.497

Keywords:

Profitability, Liquidity, Solvency, Firm Value, Profitabilitas, Likuiditas, Solvabilitas, Nilai Perusahaan

Abstract

This study aims to examine the influence of key financial ratios, namely profitability, liquidity, and solvency, on the firm value of pharmaceutical companies listed on the Indonesia Stock Exchange (IDX) during the 2019–2024 period. Profitability is measured using Return on Equity (ROE), liquidity is represented by the Current Ratio (CR), and solvency is measured using the Debt to Equity Ratio (DER). Firm value is assessed using the Price to Book Value (PBV) ratio. This research adopts a quantitative approach based on secondary data obtained from the annual financial statements of pharmaceutical sub-sector companies. The sample was selected through a purposive sampling technique according to predetermined criteria. Data analysis was conducted using multiple linear regression with the assistance of IBM SPSS Statistics version 26. The findings reveal that profitability (ROE) and solvency (DER) do not have a statistically significant effect on firm value. In contrast, liquidity (CR) has a positive and significant effect on firm value, indicating that stronger short-term financial capability enhances investor confidence and contributes to higher market valuation of pharmaceutical companies during the observation period.

Downloads

Download data is not yet available.

References

Alfina Dwi Indrawati, A., & Yudiantoro, D. (2023). Pengaruh Rasio Likuiditas, solvabilitas dan Profitabilitas Terhadap Nilai Perusahaan Pada Perusahaan Pertambangan Di Sub Sektor Pertambangan Batu Bara Yang Terdaftar Di Bursa Efek Indonesia (Periode 2019-2021).

Ali, J., & Faroji, R. (2021). Pengaruh profitabilitas terhadap nilai perusahaan (Studi Empiris Pada Perusahaan Sektor Industri Barang Konsumsi Di Bursa Efek Indonesia Tahun 2017-2019). Jurnal Neraca Peradaban, 1(2), 128–135.

Alifian, D., & Susilo, D. E. (2024). Pengaruh Profitabilitas, Likuiditas, Ukuran Perusahaan Dan Struktur Modal Terhadap Nilai Perusahaan. Owner, 8(1), 46–55.

Anggraini, A., & Yudiantoro, D. (2023). Pengaruh Return On Assets (ROA), Return On Equity (ROE), Net Profit Margin (NPM), Dan Debt To Equity Ratio (DER) Terhadap Nilai Perusahaan (PBV) Pada Perusahaan Sektor Industri Tekstil Dan Garmen Yang Terdaftar Di Bursa Efek Indonesia Periode 2018-2021. Economics and Digital Business Review, 4(2), 189–201.

Brigham, E. F., & Houston, J. F. (2021). Fundamentals of Financial Management.Cengage Learning. Fhelisah, C. A., & Wulandari, E. (2025). Pengaruh rasio solvabilitas, rasio profitabilitas dan rasio aktivitas terhadap nilai perusahaan manufaktur sub sektor makanan dan minuman yang terdaftar

di bursa efek indonesia periode 2021-2023. Seminar Nasional Pariwisata Dan Kewirausahaan (SNPK), 4, 2829–2006.

Jensen, M., C., dan W. Meckling, 1976. "Theory of the firm: Managerial behavior, agency cost and ownership structure", Journal of Finance Economics 3:305-360.

Jonnardi, E. Y. A. (2020). Pengaruh profitabilitas, likuiditas, dan solvabilitas terhadap nilai perusahaan. Jurnal Paradigma Akuntansi, 2(3), 1057.

Junaedah Rahmawati, Sumarno Manrejo, & Idel Eprianto. (2023). Pengaruh profitabilitas dan leverage terhadap penghindaran pajak (studi empiris pada perusahaan manufaktur subsektor makanan dan minuman yang terdaftar di bei 2019-2021). Mufakat: Jurnal Ekonomi, Manajemen Dan Akuntansi, 2(3), 290–300.

Kasmir. (2016). Analisis Laporan Keuangan. Jakarta: PT. Raja Grafindo Persada.

Nugroho, K. W., Supriyadi, D., & Chaerudin, C. (2023). Perusahaan Pengaruh Rasio Keuangan Terhadap Nilai. Gorontalo Accounting Journal, 6(1), 133.

Samiun, A. A., Abbas, S., & Hadia, F. La. (2022). Pengaruh Profitabilitas, Leverage dan Likuiditas Terhadap Nilai Perusahaan (Studi Pada Perusahaan yang Terdaftar di Bursa Efek Indonesia Tahun 2018-2020). Jurnal sains, sosial dan humaniora (jssh), 02(01), 31–42.

Siswanto, E. (2021). Buku Ajar Manajemen Keuangan Dasar. In Universitas Negeri Malang (Vol. 4, Issue 1).

Spence, Michael. (1973). Job Market Signaling. The Quarterly Journal of Economics, Vol. 87, No. 3. (Aug., 1973), pp. 355-374

Tandrio, G., & Handoyo, S. E. (2023). Pengaruh leverage, profitabilitas, dan kebijakan dividen terhadap nilai perusahaan. Jurnal Manajerial Dan Kewirausahaan, 5(1), 20-27.